10 June 2013 11:05 [Source: ICIS news]
SINGAPORE (ICIS)--Asia’s naphtha inter-month spread has narrowed on Monday to the lowest levels in nearly a year because of ample supply and dwindling demand of the petrochemical feedstock, traders said.
The second-half July and second-half August spread weakened to $5.00/tonne (€3.80/tonne) in backwardation from a backwardation of $7.50/tonne on 7 June, ICIS data showed.
The spread is at the weakest levels since 23 August 2012 when the spread was at $4.50/tonne in backwardation, it indicated.
Open-spec naphtha prices fell by $4.50/tonne from 7 June to $872-874/tonne CFR (cost & freight) at the close of trade on Monday, according to ICIS data.
In open market trading, the first-half August/first-half September spread traded at $6/tonne in backwardation, traders said.
($1 = €0.76)
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